Permian Basin
News
April 20, 2020
A perfect storm of weak demand, unbridled production by warring producers, and an exhaustion of storage capacity drove West Texas Intermediate crude to its lowest closing price in modern history.
News
April 16, 2020
ConocoPhillips is voluntarily curtailing 225,000 gross boepd, and reducing cash usage by more than $5 billion in 2020.
News
April 16, 2020
No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers.
News
April 16, 2020
The three Railroad commissioners are faced with what may be the major decision of their professional lives—whether to prorate or not. And, in tandem, the fate of many industry companies and individuals’ jobs could be hanging in the balance.
News
April 15, 2020
Kurt and Cameron discuss oil's crossing of an important psychological milestone, what the Saudis are doing in advance of the OPEC+ cuts taking effect, and an in-depth look at the historic TRRC meeting, and the long-range impact of a decision by the regulator either for or against prorationing.
News
April 13, 2020
"I have not advocated for Texas to prorate. I have advocated that we consider it. I felt that we should be open to evaluating any path that helps to bring the international oil community together in a global deal," Texas Railroad Commissioner Ryan Sitton said in an emailed statement Monday.
News
April 13, 2020
President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts.
News
April 09, 2020
Occidental Petroleum wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces.
News
April 09, 2020
U.S. shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat just as OPEC urges the world’s biggest source of crude to help rescue a market roiled by the coronavirus pandemic.
News
April 07, 2020
Exxon Mobil Corp. is targeting its premier shale assets for deep cuts as it slashes worldwide spending to a four-year low and delays major projects to adapt amid the worst oil-price rout in decades.
News
April 07, 2020
Collapsing oil prices are having at least one positive side effect: less flaring in North America’s biggest shale field.
News
April 07, 2020
The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years, but a growing chorus of explorers and related industries are advocating just such a move.
News
April 07, 2020
Halliburton is making reductions to its field staff in Oklahoma and Texas, including its Duncan field camp, as the company continues to adapt to a new market normal following a crash in shale exploration.
News
April 02, 2020
Texas Railroad Commission Chairman Wayne Christian
News
April 01, 2020
The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc.
News
April 01, 2020
“We have made substantial progress on our organizational redesign initiative, which began in the fall of 2019. This is enabling more flexible resource allocation and increased collaboration while delivering cost savings that are critical in the current environment,” said John J. Christmann, Apache’s chief executive officer and president.
News
March 30, 2020
Pioneer Natural Resources Co. and Parsley Energy Inc. are asking Texas oil regulators for an emergency meeting to consider curbs on state output as a collapsing oil market envelops the nation’s biggest crude-producing state.
News
March 27, 2020
The American shale industry shocked the world with its rebound after the 2014-2016 bust, setting records for output that pushed the U.S. to the top spot among oil-producing countries. A handful of experts is saying that will happen again.
News
March 27, 2020
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts.
News
March 25, 2020
In an exclusive World Oil guest editorial, Wayne Christian, Chairman, Railroad Commission of Texas says time is of the essence to identify and implement a solution to global oil market turmoil.
News
March 25, 2020
Equinor says the company can be organic cash flow neutral before capital distribution in 2020 with an average oil price around $25/bbl for the remaining part of the year.
